Saudi steel demand to grow 11.7%
JEDDAH – Steel consumption in Saudi Arabia is expected to grow at a CAGR 11.7 percent during 2013-2017, RNCOS forecast in its report “Saudi Arabia Steel Industry Forecast 2017″. In 2012, the steel consumption in the Kingdom experienced double-digit growth, it added.
The report noted that the steel industry in Saudi Arabia is highly import-oriented as more than half of the steel consumption in the Kingdom is met through imports.
Buoyed by construction boom and growing investment in the real estate sector, Saudi Arabia has become one of the largest steel consumers in the GCC region.
The construction sector in the country is considered as the largest and the fastest growing market in the Gulf region with huge growth potential.
Booming construction activities in Saudi Arabia has lead to significant steel demand. Steel consumption in the Kingdom has gone up at a faster pace over a decade with rising construction activities, growing investment in railway, infrastructure and road projects, and cheap and reliable energy supply.
The Saudi Gazette 2013, Jun 23 2013